Homeowners

Homeowners insurance is provided by a package policy- a number and variety of coverages combined in one policy. When questions arise, always refer to your actual policy language to determine the extent of your coverage. Generally, Homeowners will cover the following:

Your Home: The dwelling itself is covered on a "replacement cost" basis (no depreciation) if you insure at least 80% of the cost to rebuild new

Your Garage: This structure and/or other non-business buildings on your home premises are automatically covered for up to 10% of the dwelling insurance amount

Personal Property: Furniture, clothing, and other family possessions at home are automatically covered for up to 50% of the dwelling insurance amount. Your possessions are covered anywhere away from home

Additional Living Expense: This coverage pays the difference between normal living costs and the expenses of living and eating out when insured damage forces you out of your home

Personal Liability Protection: At home or away, you and your resident relatives are covered for personal liability claims

Medical Payments: This coverage will pay for non-resident persons injured on your home premises

Broad Form Coverage (HO-2)In addition to liability protections and additional living expense, the Broad Form Homeowners policy protects your home and personal property for damage caused by any of the perils listed below. (in insurance, "peril" is anything that causes loss or damage.

Special Form Coverage (HO-3)This most-popular form of Homeowners coverage provides the following:

* Coverage on personal property, personal liability, and extra living expenses just as the Broad Form coverage. * Coverage on dwelling and other structures against perils named in the policy, plus most other insurable losses, such as the ones listed below: ~water seepage (limited) ~chemical spills ~appliance overheating ~accidental damage ~other accidental losses not specifically excludedRefer to your specific policy language to determine the extent of your coverage in these areas.Tenants Insurance (HO-4)When you rent your home or apartment, your landlord's insurance doesn't cover your possessions or your liabilities. You need Tenants Insurance to fill the gap.

* Personal Property: Covered at home or away * Additional Living Expenses: Covers the cost of living elsewhere while your premises are repaired * Personal Liability Protection * Medical PaymentsCondominium Policy (HO-6)The HO-6 Homeowners policy has been designed to meet the unique needs of condominium owners. Like a Homeowners policy, condominium policies provide coverage for liability, loss of use, and personal property.

Usually, the condominium association buys insurance to cover common elements (building and other structures) and liability for the association. As a condominium unit owner, you may be responsible for insuring your unit from the "walls in" or whatever is required in your condominium agreement, as well as your own personal property and liability.

An optional coverage you may wish to consider is "loss Assessment Coverage." This endorsement would provide coverage in the event that your association assessed you for a claim that was either not covered by the association's policy, or for which their policy provided inadequate limits.

It is a good practice to consult your independent insurance agent and allow him or her to review your special needs as a condominium owner.